(Reuters) – The main European stock markets are expected to be mixed at the opening on Tuesday in a wait-and-see context.
According to the first available indications, the Parisian CAC 40 would appear without a marked direction at the opening, like the FTSE in London and the EuroStoxx 50. The Dax in Frankfurt is expected to fall by 0.12%.
Many indicators will be published this week but the markets are above all waiting for inflation in the United States measured by the PCE index, the indicator of price dynamics favored by the Federal Reserve, and inflation in the euro zone on Thursday.
These will be the last inflation indicators before the next central bank meetings: the Federal Reserve will make its next decision on rates on December 13, the European Central Bank on December 14.
Markets believe that central banks have finished raising rates despite restrictive statements from monetary policy makers, but any surprises on price dynamics could force operators to review their projections.
Furthermore, those responsible for monetary policy seek to better regulate market expectations.
Inflationary pressures in the euro zone are weakening as expected but wage growth remains high and the outlook remains very uncertain, which means that the ECB must still continue its fight against rising prices, the president of the Eurozone said on Monday. institution, Christine Lagarde.
Fed Chairman Jerome Powell will speak on Friday and could reiterate the message that inflation still remains too high in the United States.
Consumer confidence in France and Germany and private credit in the euro zone are expected on Tuesday.
A WALL STREET
The New York Stock Exchange ended lower on Monday after the Thanksgiving weekend, as the holiday season begins with traders offering cut-off prices to attract bargain hunters on Cyber ​​Monday.
The Dow Jones index fell 0.16%, or 56.68 points, to 35,333.47 points. The broader Standard & Poor’s 500 lost 8.91 points, or 0.20% to 4,550.43 points. The Nasdaq Composite fell 9.83 points (0.07%) to 14,241.022.
IN ASIA
The Tokyo Stock Exchange ended lower on Tuesday, with the rebound of the yen against the dollar providing an excuse for investors to take profits after their recent gains. The Nikkei index lost 0.12% to 33,408.39 points and the broader Topix lost 0.22% to 2,376.48 points.
Fast Retailing, the owner of the Uniqlo brand, gained 1.57%, while Toyota lost 0.54%.
Chinese indices finished mixed, with new economic data confirming that the recovery of the Chinese economy is slower than expected. The Shanghai SSE Composite finished stable, as did the CSI 300. The Hong Kong Hang Seng index lost 0.99%.
RATE
US yields are up slightly in a wait-and-see environment.
The ten-year Treasury yield is stalling at 4.3904% after losing 22 basis points on Tuesday, while the two-year rate is up 1.2 bps to 4.8688%.
CHANGES
The dollar is stable after hitting a three-month low, as investors remain convinced that the Federal Reserve is done with its rate hikes, ahead of the PCE inflation release on Thursday.
The dollar is unchanged against a basket of benchmark currencies, while the euro is stable at $1.0951, and the pound sterling remains at $1.2628.
In Asia, the yen strengthened by 0.32% to 148.19 yen per dollar, while the Australian dollar gained 0.23% to 0.6621 dollars.
OIL
Oil is hesitating ahead of the next OPEC+ meeting, scheduled for Thursday, with markets assessing the likelihood that the organization will decide on further production cuts.
Brent is stable at $79.92 per barrel, with light American crude (West Texas Intermediate, WTI) falling 0.11% to $74.78.
(Written by Corentin Chappron, edited by Bertrand Boucey)
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